Student loans...Whose got 'em?

[SerfinUSA]

I am new here and my current life focus is ridding us of these draconian, serf making, student loans.

I knw about studentloanjustice.com and wonder what else can be done.

I'm a serf.

[JDPriestly]

1. Still paying mine off -- went back for "retraining" or "reeducation,"

and I will probably die owing student loans.

[radfringe]

6. ditto for me

went back to school for CAD drafting... still paying off the loans

[carlyhippy]

2. We have parent plus loans for the past 2 years out and kid has loans also

we get very little in financial aid, actually literally nothing, all loans, and we still have several years to go.

[taught_me_patience]

3. Wife and I have 170k total.

She is a doctor and I'm about to get an MBA. The student loans have been worth it for us. Her interest is 1.5% ammortized over 30 years. It is completely managable. The decision on the amount of take student loans is one of the first real financial decisions that young adults have to make. Go to a State college and you'll have less. Go to a private liberal arts college and you'll have more. It's a good lesson in ROI for most young adults.

I chose the state college and escaped undergrad debt free. I feel it was a good choice.

[peace13]

5. Interesting comments with the exception...

If you are smart and can pass the test there are a lot of scholarships out there in the private schools. Private school is not always more expensive than State school. Just saying.

[Oregone]

11. I agree

Those private schools with large endowments can be quite "generous" if you score well, have little income, and have a decent application.

[taught_me_patience]

16. Yes, scholarships should be factored into the total cost.

I wish I was smart enough for a scholarship.

[abbeyco]

4. 40K worth of Federal Direct or whatever

from doing my undergrad. I deferred them while I got my Masters, which I paid for out of pocket and now pay $200/month for the rest of my life or thereabouts.

I did do the consolidation and my interest rate is around 2%, so it's not terrible but I wish I could have paid them down while paying for my Masters....I'd be less in debt now.

[chaska]

7. $80K+....

No way I'll ever be able to pay them off.

[Furry Dance]

8. It's a damning cycle

Student loans were created to help pay college tuition, but colleges raised tuition even more because they knew students could get loans. As loans and grants go up, so does tuition.

[high density]

9. Paid mine off in full in March

IRS refund -> Sallie Mae -> Smile on my face

[rox63]

10. I'm currently going back to school, and getting new student loans

Here I am, in my mid-40's, back in school full-time, getting into debt with student loans.
I'll probably be paying them off into my old age. :(

[aikoaiko]

12. I have them, I got my degree and good job, and I'm grateful even it will take 15 years to payoff

I knew what I was getting myself into and it was a risk that paid off well.

[AnneD]

13. This was a very hard decision for my daughter.....

She got $15K from Grandmother (per Grand dad's wishes). She was a Texas Scholor and was eligable for lottery money. She had high grades and went to a nationally rated local high school (our 'Fame' high school) and was awarded all kinds of achivement awards. She also won a few scholarships, had community service and worked hard and saved her money.

Her quandry...

She had enough to pay for her local schooling, live at home, and be debt free when she graduated or....

she got accepted into a university that is a think tank for the entertainment industry. Over 250 applied for her slot, she is one of 2 girls in the department, she meets the movers and shakers all the time, and she could do at least one year there and see if she likes it.

It finally came down to "If I don't take this chance-I will spend the rest of my life wondering if I could have made it. If I don't or can't make it I have no trouble living at home and working my way through college. I just want to know I tried and took the chance given me.

She has flourished out there and has a wonderful rep as a go getter. The scholarships have paided for over half her tuition and we are hoping she can get an internship or work study to help out. She knows the value of money and is very frugal and a hard worker to boot. We are doing everything to maximize her student aid, but I have my retirement to now save for so I cannot help her as much as I would like. She will graduate owing money but we hope she will avoid serfdom.

[NightWatcher]

14. in deferment for another year

I only owe 6K more, but when things are slim, that's the first thing to go

[CoffeeCat]

15. Does student loan justice actually help people???

Here's my horror story.

I went to college for three years, and needed to take a break. My loans went into deferment. I returned to college
and sent proof of college attendance to the Loan Servicing Center in Lawrence, KS. This should have automatically
put the loans in deferment.

LSC kept saying that the didn't get the forms. I kept resending. The admissions secretary laughed at how many times
I had to return. Eventually, while I was in school--all of my loans defaulted. I had to finish school, and it took me
longer because I could no longer get loans (because they defaulted me). The interest and penalties accrued for seven years,
as I worked on my degree part time--working three jobs to pay for my college and living expenses.

By the time penalties, interest and other fees were added, my total student loan bill; $98,000--just for my undergrad degree.

I've paid off $50k. Payments are $1,500 per month. I won't complain about how much this has affected the financial
position of my husband, my 2 children and myself. We've sacrificed a great deal to have this paid off as quickly as possible.

We should be done in four years. However, due to my unemployment, and my husband taking a $1,000 per month pay cut--the loans
are in forbearance.

It's been a tremendous burden on our family. I feel a lot of guilt and shame.

[SerfinUSA]

17. StudentLoanJustice.com is trying

and the more people who join them the better we will do.

[greenbriar]

18. oh yea

they have me for life

[SerfinUSA]

19. I have proposed civil action

Something like a demonstration at a significant national site or a national holiday. (Labor Day?) Something like those who climb things and unfurl large banners.

[blonndee]

20. I do...and it gives me nightmares. It's KIND OF like a mortgage,

but it's worse. I have nothing concrete to show for it, nothing I can sell for SOMETHING valuable to try to mitigate my debt. It was so worth it in many ways, but it depresses me to know that I'm beholden to these people for years seemingly without end and no way to pay it off and get it over with. I make my payments each month, but emotionally it's like a massive credit card debt that I'm making minimum payments on. It seems endless and unsurmountable.

I try not to think about it, because when I do I just feel....kind of hopeless.